WASHINGTON – Americans bought new homes in June at the fastest pace in more than eight years, a sign that a solid job market and low mortgage rates are bolstering the U.S. housing market.
The Commerce Department said Tuesday that new-home sales rose 3.5 percent last month to a seasonally adjusted rate of 592,000, the best level since February 2008. Purchases of new homes have climbed 10.1 percent year-to-date, despite volatile monthly sales.
“Today’s report confirms the considerable strength in the housing market over the past few months,” said Rob Martin, U.S. economist at Barclays.